Phoenix Acquires New Oil Lease in Kentucky for Its Mid-South Resources/Rome Oil & Gas Division
COVINGTON, LA, Oct 27, 2005 (MARKET WIRE via COMTEX) -- Phoenix Associates Land Syndicate (Phoenix) (OTC: PBLS), a holding company with assets in oil, sand & gravel, soil products, land development, trucking, contract hauling, swimming pool construction and construction related industries, announced today that a new oil lease has been acquired for its Mid-South Resources/Rome Oil and Gas Division.
The Company indicated that this new oil lease is located in the State of Kentucky in an area conducive to air rotary drilling. Rome Oil plans to drill five new wells on its leases in Kentucky prior to the end of 2005. The Company estimates its provable and accessible oil reserves in its Kentucky leases to be in excess of 300,000 to 500,000 BBLS.
Currently Rome Oil & Gas Co. has 18 wells that are producing between 5 BBL/Day to 50 BBL/day each, with an average production of 26 BBL/day per well, a rate of production that is expected to increase as new wells come on line.
In addition to their drilling activities in Kentucky, Mid-South Resources/Rome Oil & Gas Co. currently is in the process of registering to drill in the State of Wyoming and is in negotiations for a number of new oil leases in that State.
Paul Alonzo, President and CEO of Phoenix, stated, "We are very pleased with the rapid progress our company is making in the oil and gas sector, while our sand & gravel and construction business operations continue to grow stronger by the day."
For more information about Phoenix, go to the Company's website at: pbls.biz
Contact:
Mike Mulshine
Osprey Partners
(732) 292-0982
Contact via marketwire.com
SOURCE: Phoenix Associates Land Syndicate
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